While the fourth installment of the Indiana Jones franchise may have failed to scratch the adventure itch for most film fans, it was hugely profitable at the box office, making $786 million around the world. In Hollywood terms that sort of money means follow-up, and as we recently told you a story is in development for a fifth film in the Harrison Ford-starring franchise.

The Insider is reporting (via Slash Film) that a new Indiana Jones film will be going into production soon and could hit screens by 2011 – when Harrison Ford is on the cusp of turning 70!

Now while The Insider uses an unknown/unnamed (and therefore unreliable) source for the story, the release date mentioned does gel with the kind of time frame it would take to mount a big budget action film. However, having said that, it took George Lucas, Steven Spielberg and Harrison Ford twenty years to agree on and develop the script for The Kingdom of the Crystal Skull, so two years might be be a bit of an optimistic hope.

Last month Shia LaBeouf talked about the development of the film saying :

“Steven just said that he cracked the story on it before I left and I think they’re gearing that up.”

So it does appear that Indy 5 is moving along on Spielberg’s backburner. With LaBeouf hotter than ever after Transformers 2 and Spielberg with a full directing slate it might be difficult to schedule. Ford’s not currently attached to any other films having shot comedy Morning Glory and the as yet untitled Crowley film.

The main problem with Indy 5 (apart from scheduling issues) is that Harrison Ford isn’t getting any younger and as he approaches 70, making an Indiana Jones film might be difficult (although Ford was in damn good shape for a man even half his age in The Kingdom of the Crystal Skull).

What do you guys think – make Indy 5 or just leave it alone?

Sources: Slash Film and The Insider